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- Ripple has indicated that Fortress Trust’s licensing and technology align well with its objectives.
- No details regarding the financial aspects of the recent transactions were disclosed.
On September 8, Ripple announced its acquisition of Fortress Trust to enhance its collection of regulatory licenses within the U.S. Fortress Trust aims to function as the regulatory and technological foundation for blockchain companies.
Additionally, the firm holds a Nevada Trust license, allowing it to serve as a custodian for client funds. This acquisition adds to Ripple’s existing portfolio, which includes over 30 state money transmitter licenses and New York’s required BitLicense for digital currency businesses.
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Moreover, Ripple has stated that Fortress Trust’s licensing and technology are well-suited to the company’s future initiatives. In 2022, Ripple made its initial investment in the startup through a seed round. No details regarding the financial aspects of the recent transactions were disclosed.
Brad Garlinghouse, CEO of Ripple, remarked:
“As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers.”
In spite of the market downturn, Ripple has been accelerating its growth. The company invested $250 million to acquire Swiss digital asset custodian and tokenization provider Metaco in May. Furthermore, in January, a Ripple representative anticipated a surge of mergers and acquisitions within the cryptocurrency sector in 2023.
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